Tax Consistency Act

[AI summary unavailable — showing source text] Tax Consistency Act - Amends the Internal Revenue Code to reduce corporate tax rates to 16 percent of the first $25,000 of taxable income and 18 percent of so much of the taxable income that exceeds $25,000. Reduces the surtax to 22 percent of the amount that exceeds the surtax exemption. Establishes a permanent $50,000 surtax exemption for all corporations except certain controlled corporations. Repeals the investment tax credit. Eliminates the tax exemption for (1) interest earned on industrial development bonds issued to governmental units and tax-exempt organizations; (2) interest on bonds issued for the construction of specified facilities and for industrial parks; and (3) interest earned on certain small issues of industrial development bonds. Eliminates the declining balance and sum of the years-digit methods of computing allowable depreciation expense. Limits deductions for such depreciation to amounts determined by a replacement cost straight line method, as formulated by this Act, or by any other consistent method which does not yield an amount which exceeds the total amount allowed under the replacement cost straight line method during the first two-thirds of the propert…